Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,688/mo
Lowest payment- Down payment
- $378,966
- Funds due
- $392,004
- Interest + MI left
- $72,562
- First ends
- Dec 2044
Assumption
Assumption + second
$4,002/mo
+$2,314/mo- Down payment
- $55,966
- Funds due
- $70,323
- Interest + MI left
- $582,607
- First ends
- Dec 2044
New loan
New conventional
$4,084/mo
+$2,397/mo- Down payment
- $55,966
- Funds due
- $66,877
- Interest + MI left
- $748,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,934 | $170,934 | $493,934 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,122.10 | $1,122.10 | $3,419.90 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | — | — | $98.79 |
| Taxes, insurance & HOA | $565.67 | $565.67 | $565.67 |
| Total housing payment | $1,687.77 | $4,001.78 | $4,084.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,966
Closing costs & prepaids$14,357
Usable credit−$0
Total buyer cash needed$70,323
Earnest money paid−$0
Remaining funds due$70,323
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$854.67
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,197.00
Prepaid interest, first (1 days)$19.48
Prepaid interest, second (1 days)$68.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing18 yr 1 moOf the original 30-year loan at 4.160%
Interest already paid$100,834Through Nov 2026
Assumption only · ends Dec 2044$72,562
Assumption + second · ends Dec 2044, second Dec 2056$582,607
New conventional · ends Dec 2056$748,985